Losses in Indonesia led most Asian stock markets lower Friday, after a bill to end direct elections for regional officials in the country stirred worries over whether leaders there could follow through on much-needed economic reforms.
In Tokyo, the Nikkei 225 recovered 144.28 points, or 0.9%, to 16,229.86, falling back into negative territory for the year, after closing above the year’s breakeven line just yesterday.
In Hong Kong, the Hang Seng Index dumped 89.72 points, or 0.4%, to 23,678.41, closing out three straight weeks of losses.
Among major market movers, yen-sensitive exporters Toyota Motor Corp. and TDK Corp. were down 0.5% and 2.4%, respectively. Still, losses were capped by a stronger U.S. dollar, which traded at ¥109.01, from ¥108.76 at Thursday’s close in New York.
A strong greenback is good for Japanese companies that market products overseas.
Australian markets closed at a six-month low, as a weak local currency and another drop in the iron-ore price weighed on a market that has fallen steadily in recent weeks.
CHINA
Mainland China’s market bucked the trend as investors there looked to a possible replacement of the central bank chief as a signal the country is steering toward a more accommodating monetary policy stance.
Shanghai’s CSI 300 index eked forward 0.24 points to 2,437.20.
In other markets;
In Korea, the Kospi index inched down 2.47 points, or 0.1%, to 2,031.64
The Taiex index in Taiwan faltered 86.90 points, or 1%, to 9,011.59
In Singapore, the Straits Times STI Index gained 1.22 points to 3,292.21
In New Zealand, the NZX 50 moved lower 24.37 points, or 0.5%, to 5,253.49
Australia’s S&P/ASX 200 tumbled 68.75 points, or 1.3%, to 5,313.42
